ICAI widens AQMM coverage

The Institute of Chartered Accountants of India has widened mandatory Audit Quality Maturity Model coverage to group audits, large unlisted firms and entities that raise public funds. (cfo.economictimes.indiatimes.com) ICAI said the expansion is a phased rollout of AQMM version 2.0 that takes effect for many firms from April 1, 2026, following a clarification issued in August 2025. (caclubindia.com) From April 1, 2026, firms that audit holding companies, subsidiaries, associates or joint ventures of listed companies, banks (other than most co‑operative banks) and insurance companies will fall under mandatory AQMM if they are subject to Peer Review. (cacult.com) Also effective April 1, 2026, statutory auditors of large unlisted public companies meeting any of these thresholds—paid‑up capital ≥ ₹500 crore, annual turnover ≥ ₹1,000 crore, or aggregate outstanding loans/debentures/deposits ≥ ₹500 crore—must comply. (cfo.economictimes.indiatimes.com) A further phase from April 1, 2027 will make AQMM compulsory for firms auditing entities that raised more than ₹50 crore from the public, banks or financial institutions during the review period, and for other public interest entities. (cfo.economictimes.indiatimes.com) The ICAI will publish each firm’s AQMM level on its website and require the assessed level to be printed on Peer Review Certificates issued after the review. (cacult.com) AQMM version 2.0 is the Centre for Audit Quality’s updated framework that follows AQMM version 1.0, which the institute made mandatory from April 1, 2023; version 2.0 was developed through exposure drafts in mid‑2024. (taxguru.in) Peer reviews conducted on or after April 1, 2026 will use the expanded scope, and the Peer Review Board will host level‑wise listings on the ICAI site—steps that directly tie firms’ audit‑quality ratings to public disclosure. (cacult.com)